It was widely expected that the Yankees would lock up both players for next season. Cano's option is for $14 million, while Swisher will earn $10.25 million.
Cano is coming off his second straight All-Star season and a campaign in which he became arguably the most feared hitter in New York's lineup.
The 29-year-old second baseman led the Yankees with a .302 average and posted an .882 OPS, slugging 28 homers and driving in a career-high 118 runs. Cano also ranked second in the Majors with 81 extra-base hits.
The Yankees have Cano under their control for at least one more year with a $15 million club option for 2013.
Agent Scott Boras told the New York Post this week that he had reached out to general manager Brian Cashman in hopes of having those options deleted from Cano's contract in favor of a larger contract extension. Boras amended his remarks the next day, saying he had only been joking.
Swisher, meanwhile, batted .260 with an .822 OPS, tying for fifth among big league switch-hitters in home runs (23) and ranking seventh in RBIs (85).
But the 30-year-old Swisher was among the many Yankees who underperformed in the postseason, logging just four hits in 19 at-bats during the club's five-game American League Division Series loss to the Tigers.
In three seasons as a Yankee, Swisher has batted .160 (16-for-100) with four home runs and five RBIs in 28 postseason games. He will be eligible for free agency after the 2012 season.